thecryptobasic.com
With the prices of LUNC and USTC surging tremendously this week, we have highlighted four factors responsible for their recent rally.
The recent price surge of Terra Luna Classic (LUNC) and UST Classic (USTC) surprised many crypto investors. This is mainly because both tokens have been down for most part of the year. On October 20, LUNC fell to a yearly low of around $0.000055, while USTC plunged to $0.01 the same day.
However, the tokens have passed these dark days, ranking among the best-performing crypto assets in November. According to CoinGecko data, USTC and LUNC have surged over 340% and 80%, respectively, over the past 30 days.
Binance Introduces USTC Perpetual Contracts
The tokens witnessed most of their gains earlier this week following an announcement made by Binance. The exchange, which is currently embroiled in a legal tussle with the US government, rolled out perpetual contracts for USTC, with up to 50x leverage.
This triggered a massive spike in USTC price to above $0.07 on November 27. Expectedly, USTC’s sister token, LUNC, also participated in the rally, with its price surging to above $0.00012 on the same day.
Aside from the Binance announcement, several factors have contributed to LUNC and USTC’s recent price surge.
Push to $1
The Terra classic community has been engaged in numerous initiatives to revive the prices of LUNC and USTC to a dollar. Community members have actively voted on different proposals to make this dream a reality.
As reported earlier, the Terra Classic community supported a proposal to resolve an issue associated with a mismatch of sequences.
Growing Social Mentions For USTC and LUNC
USTC and LUNC’s recent price surge could also be attributed to the vibrant community behind the tokens. Social mentions for LUNC and USTC have skyrocketed recently, with both tokens ranking high on the social trend table.
Notably, the community behind LUNC and USTC is quick to declare its support for the assets, thus attracting new investors to the tokens.
Bitcoin Rally
Bitcoin’s latest rally has also positively impacted altcoin prices, including LUNC and USTC. The top asset’s surge above $38,000 has helped build investors’ confidence in other crypto assets.
With Bitcoin experiencing a price surge, other tokens have also rallied alongside the world’s largest cryptocurrency by market cap.
USTC and LUNC Succumb to Selling Pressure
At press time, LUNC and USTC have recently succumbed to selling pressure following their massive gains.
USTC was changing hands at $0.054 at press time, down 6% over the past 24 hours. Similarly, the price of LUNC was also down 3% in 24 hours to $0.00011. Despite the plunge, both tokens are currently trading far above the prices recorded on October 20.